Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键率
Excess Key Rate — 超出关键率的期望
EPS = 0.5991
CAGR EPS = 7.28%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 7 + (7 * 7.28% / 100) = 7.51

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 合理的价格
DPS — 当前股息
g — 预期增长率
DPS = 0.2
g = -4.5
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 盈利能力
β (beta) — 确定与市场有关的股份（资产）风险（资产），并显示了与市场收益变化有关的行动盈利能力变化的敏感性。 Beta系数不仅可以针对单独的操作计算，还可以计算投资组合。
Risk Premium — 高级风险 - 投资诉讼风险的奖励
Country Premium - 国家风险
k(f) = 3.01
β = -1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -1.27 * 5.94 + 0 = -0.0456
Price = (0.2 * (1 + -4.5)) / (-0.0456 - -4.5) = -0.1572

Price = (Terminal Value + Company Value) / Count shares
Price - 合理的价格
Terminal Value — 邮政过程中的费用
Company Value — 预测期内的成本
Count shares - 股票数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0202
Ebitda Yield = 0.3835
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 债务服务
Debt - 债务，十亿
Weight Debt - 相对于债务的重量
Weight Cost Debt - 债务权重有关大写
Tax - 税
Interest Expense = 0.0135
Debt = 0.0761
Market Cap = 0.0244
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0244 / (0.0244 + 0.0761) = 0.2427
Weight Cost Debt = 100% - 0.2427 = 0.7573
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 盈利能力
β (beta) — 确定与市场有关的股份（资产）风险（资产），并显示了与市场收益变化有关的行动盈利能力变化的敏感性。 Beta系数不仅可以针对单独的操作计算，还可以计算投资组合。
Risk Premium — 高级风险 - 投资诉讼风险的奖励
Country Premium - 国家风险
k(f) = 3.01
β = -1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -1.27 * 5.94 + 0 = -0.0456
WACC = (0.0135 / 0.0761) * (100% - 0.2427) * (1 - 0.21) + -0.0456 + 0.2427 = 13.98
Terminal Value = Discount (0.0202 * (1 + 0.3835) / (13.98 - 0.3835)) = 0.0596
Company Value = ∑ (0.0202 / (1 + 13.98) ^ 5) = 0.037
Price = (Terminal Value + Company Value) / Count shares = (0.0596 + 0.037) / 3340000 = 28.93

Price = (Terminal Value + Company Value) / Count shares
Price - 合理的价格
Terminal Value — 邮政过程中的费用
Company Value — 预测期内的成本
Count shares - 股票数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.000985
FCF Yield = -0.1079
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 债务服务
Debt - 债务，十亿
Weight Debt - 相对于债务的重量
Weight Cost Debt - 债务权重有关大写
Tax - 税
Interest Expense = 0.0135
Debt = 0.0761
Market Cap = 0.0244
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0244 / (0.0244 + 0.0761) = 0.2427
Weight Cost Debt = 100% - 0.2427 = 0.7573
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 盈利能力
β (beta) — 确定与市场有关的股份（资产）风险（资产），并显示了与市场收益变化有关的行动盈利能力变化的敏感性。 Beta系数不仅可以针对单独的操作计算，还可以计算投资组合。
Risk Premium — 高级风险 - 投资诉讼风险的奖励
Country Premium - 国家风险
k(f) = 3.01
β = -1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -1.27 * 5.94 + 0 = -0.0456
WACC = (0.0135 / 0.0761) * (100% - 0.2427) * (1 - 0.21) + -0.0456 + 0.2427 = 13.98
Terminal Value = Discount (0.000985 * (1 + -0.1079) / (13.98 - -0.1079)) = 0.0018
Company Value = ∑ (0.000985 / (1 + 13.98) ^ 5) = 0.0044
Price = (Terminal Value + Company Value) / Count shares = (0.0018 + 0.0044) / 3340000 = 1.88